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- Jack2018Jack2018
  ·2020-09-11
  脑子有坑吧这文章写的，人家这个回收是作为大规模储能用去了，哪有什么拆里面的金属啊？现在真是啥人都出来写个文章
  非常抱歉，此主贴已删除
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- Jack2018Jack2018
  ·2020-05-07
  这分析师怕不是个傻子吧
  重组后的蔚来汽车：债务问题如何承担？
  国产电动车制造商$蔚来$汽车在上周宣布了与合肥地方政府的资本重组；消息发布后，公司股价迅速上涨了20%，随后下跌，最后收盘上涨10%。然而，仔细看看交易条款，就会发现对目前的ADR所有者来说，这是一笔糟糕的交易。这便引发了此次重组的一个明显问题：公司现有的债务如何解决？薅资本主义的羊毛理论上不违法，但是在当前，美国市场对中概股严重质疑的时期进行这样的资本重组，且缺乏对债务承担的解释，不由得让人有所担心。
  重组后的蔚来汽车：债务问题如何承担？
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10:03","market":"us","language":"zh","title":"重组后的蔚来汽车：债务问题如何承担？","url":"https://stock-news.laohu8.com/highlight/detail?id=1107048043","media":"财经涂鸦","summary":"国产电动车制造商$蔚来$汽车在上周宣布了与合肥地方政府的资本重组；消息发布后，公司股价迅速上涨了20%，随后下跌，最后收盘上涨10%。然而，仔细看看交易条款，就会发现对目前的ADR所有者来说，这是一笔糟糕的交易。这便引发了此次重组的一个明显问题：公司现有的债务如何解决？薅资本主义的羊毛理论上不违法，但是在当前，美国市场对中概股严重质疑的时期进行这样的资本重组，且缺乏对债务承担的解释，不由得让人有所担心。","content":"<p><span>国产电动车制造商<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车在上周宣布了与合肥地方政府的资本重组；消息发布后，公司股价迅速上涨了20%，随后下跌，最后收盘上涨10%。然而，仔细看看交易条款，就会发现对目前的ADR所有者来说，这是一笔糟糕的交易。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e343b18fe71f9f50890a9198f09b3bc4\"></p>\n<p><span>为什么我会这么说呢，从该项公告中我提取了一些关键点：首先这是一笔70亿元的重组，蔚来投入43亿元，持有蔚来中国76%的股份，而合肥政府持有24%；表面上看合肥政府获得24%的股份，注资70亿后蔚来的总估值将达到290亿人民币，听起来是不错的消息。</span></p>\n<p><span>但别忘记，对于蔚来的ADR持有者来说，</span><span><b>最重要的一点是70亿注资中蔚来是要贡献43亿出来的，换句话说“新钱”只有27亿元，因此隐含估值只能达到113亿人民币</b></span><span>，并没有消息表面看上去那么诱人。</span></p>\n<p><span>特别是，如果我们使用更激进一些的方法来估值蔚来的总资产，考虑到蔚来的信贷循环，在注资43亿以外，蔚来仍有84亿元的债务，这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果，还是我没有将公司的营运资本赤字列入的前提下，这一点无疑还将降低每股ADR的价值。</span></p>\n<p><span>这便引发了此次重组的一个明显问题：</span><span><b>公司现有的债务如何解决？</b></span><span>从蔚来的新闻稿中我们没有看到关于解决债务的说明，但是考虑到合肥政府创造就业的要求，盖厂房和构建研发技术中心等要求，</span><span><b>我有理由强烈怀疑：目前结构下的蔚来无法承担这84亿元的金融债务</b></span><span>。</span></p>\n<p><span>从本质上讲，蔚来的资产是在进行剥离，通过（将资产）转移到合肥进行资本重组，但是与此同时，公司现有的财务以及运营负债仍停留在ADR的位置，意味着将债务负担丢给外国股东和债券持有人来承担，这样的资产转移之所以能成功，</span><span><b>只是因为新进投资者只占有25%的股份不构成控制权变化</b></span><span>。</span></p>\n<p><span>薅资本主义的羊毛理论上不违法，但是在当前，美国市场对中概股严重质疑的时期进行这样的资本重组，且缺乏对债务承担的解释，不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息，即使此后在国内的融资可能相对容易了些许，但是在美股市场上的潜力是悲观的。有趣的一个猜测是，</span><span><b>蔚来私有化退市的可能性大大增加</b></span><span>，毕竟近期的股价对于蔚来而言是个可以接受的数字。</span></p>","source":"lsy1567822449048","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n重组后的蔚来汽车：债务问题如何承担？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-05-07 10:03 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g><strong>财经涂鸦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组；消息发布后，公司股价迅速上涨了20%，随后下跌，最后收盘上涨10%。然而，仔细看看交易条款，就会发现对目前的ADR所有者来说，这是一笔糟糕的交易。\n\n为什么我会这么说呢，从该项公告中我提取了一些关键点：首先这是一笔70亿元的重组，蔚来投入43亿元，持有蔚来中国76%的股份，而合肥政府持有24%；表面上看合肥政府获得24%的股份，注资70...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3380231cb191ca9bea37a0c70765537d","relate_stocks":{"NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107048043","content_text":"国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组；消息发布后，公司股价迅速上涨了20%，随后下跌，最后收盘上涨10%。然而，仔细看看交易条款，就会发现对目前的ADR所有者来说，这是一笔糟糕的交易。\n\n为什么我会这么说呢，从该项公告中我提取了一些关键点：首先这是一笔70亿元的重组，蔚来投入43亿元，持有蔚来中国76%的股份，而合肥政府持有24%；表面上看合肥政府获得24%的股份，注资70亿后蔚来的总估值将达到290亿人民币，听起来是不错的消息。\n但别忘记，对于蔚来的ADR持有者来说，最重要的一点是70亿注资中蔚来是要贡献43亿出来的，换句话说“新钱”只有27亿元，因此隐含估值只能达到113亿人民币，并没有消息表面看上去那么诱人。\n特别是，如果我们使用更激进一些的方法来估值蔚来的总资产，考虑到蔚来的信贷循环，在注资43亿以外，蔚来仍有84亿元的债务，这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果，还是我没有将公司的营运资本赤字列入的前提下，这一点无疑还将降低每股ADR的价值。\n这便引发了此次重组的一个明显问题：公司现有的债务如何解决？从蔚来的新闻稿中我们没有看到关于解决债务的说明，但是考虑到合肥政府创造就业的要求，盖厂房和构建研发技术中心等要求，我有理由强烈怀疑：目前结构下的蔚来无法承担这84亿元的金融债务。\n从本质上讲，蔚来的资产是在进行剥离，通过（将资产）转移到合肥进行资本重组，但是与此同时，公司现有的财务以及运营负债仍停留在ADR的位置，意味着将债务负担丢给外国股东和债券持有人来承担，这样的资产转移之所以能成功，只是因为新进投资者只占有25%的股份不构成控制权变化。\n薅资本主义的羊毛理论上不违法，但是在当前，美国市场对中概股严重质疑的时期进行这样的资本重组，且缺乏对债务承担的解释，不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息，即使此后在国内的融资可能相对容易了些许，但是在美股市场上的潜力是悲观的。有趣的一个猜测是，蔚来私有化退市的可能性大大增加，毕竟近期的股价对于蔚来而言是个可以接受的数字。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}